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The BSE benchmark index today gained 131.06 points to close at 18,460.38 points on expectations that the government will take more reform measures to support the economy in the winter session of Parliament which is starting tomorrow.

A bout of volatility was witnessed in early trade and key benchmark indices slipped into the red as euro-zone finance ministers failed to reach an agreement on conditions to release the next tranche of financial aid for Greece.

However, buying by funds in realty, FMCG, consumer durables and banking stocks lifted the market with sectoral indices posting gains between 1.27 per cent and 2.47 per cent.

"Recovery was supported by value buying in some of the heavyweights like Reliance Industries, ICICI Bank, HDFC Bank and Cipla which contributed to the overall gains," Nidhi Sarswat-Sr.Research Analyst-Bonanza Portfolio, said.

Brokers said the government is expected to take more reform measures, including placing of bills regarding insurance and pension sectors, in the winter session of Parliament starting tomorrow, which lifted the markets.

Some short-covering was also seen ahead of expiry of derivatives contract on November 29, pushing the BSE benchmark Sensex up, they added.

The NSE 50-share Nifty also firmed up by 43.25 points or 0.78 per cent to close at 5,614.80 points.

Private banks ICICI Bank and HDFC Bank gained up to 2 per cent as Banking Laws Amendment Bill, 2011, which seeks an increase in the voting rights of large shareholders in private banks to 26 per cent from 10 per cent, will be tabled in the

winter session.

Heavyweight Reliance Industries rose by nearly 1 per cent, while IT major Infosys gained over 1 per cent.